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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
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- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
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